January 30, 2023


Delighting home maniacs

As Weekly Retail Sales Sink, Online Maintains Momentum

As Weekly Retail Sales Sink, Online Maintains Momentum

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As online sales continue to clock double-digit, year-over-year growth, it’s not enough to boost all of retail. For the period ended July 18, weekly retail sales came in with a year-over-year drop of 8.9 percent, according to the Retail Economist-Goldman Sachs Weekly Chain Store Sales Index.

For the same period, year-over-year online sales (for both pureplay e-commerce sites and omnichannel retailers in the U.S.) are up 85 percent, according to CCInsight.org with fashion apparel and accessories showing robust growth in the U.S. and in many countries abroad.

Regarding the weekly sales report, Michael P. Niemira, chief economist of the Retail Economist, said that “nondiscretionary spending categories seemingly weakened on a year-over-year basis over the past week, while discretionary spending categories, such as home improvement and furniture stores, performed somewhat stronger relative to other retail segments.”

Digging deeper into the online sales data from CCInsights, fashion apparel and accessories showed a 54 percent year-over-year growth rate — which is about the pace of growth the segment has seen for the past month. In Canada, weekly online sales of apparel are up 79 percent, while Mexico is down 18 percent.

Across the Atlantic, online sales of fashion apparel and accessories were up 6.1 percent in the U.K. and 24 percent in France for the weekly period. Italy was up 32 percent and Germany showed a 53 percent gain, while Spain soared 105 percent.

In Asia, online sales of apparel and accessories were down 20 percent. In Japan, sales fell 15 percent year-over-year while South Korea showed a decline of more than 45 percent.

CCInsights.org also reported the top-performing products, which is based on more than 400 million online transactions that have been tracked in the past 12 months.

The number-one product type for the weekly period was skipping rope with nearly a 2,000 percent year-over-year gain. Washing machines came in second with a 1,200 percent gain and were followed by hand saws and kettlebells with year-over-year gains of 933 percent and 490 percent, respectively.

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